Jump to ContentJump to Main Navigation
Democracy and the Origins of the American Regulatory State$
Users without a subscription are not able to see the full content.

Samuel DeCanio

Print publication date: 2015

Print ISBN-13: 9780300198782

Published to Yale Scholarship Online: May 2016

DOI: 10.12987/yale/9780300198782.001.0001

Show Summary Details
Page of

PRINTED FROM YALE SCHOLARSHIP ONLINE (www.yale.universitypressscholarship.com). (c) Copyright Yale University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in YSO for personal use.date: 06 May 2021

George Pendleton and Mass Opinion

George Pendleton and Mass Opinion

Chapter:
(p.57) Chapter 4 George Pendleton and Mass Opinion
Source:
Democracy and the Origins of the American Regulatory State
Author(s):

Samuel DeCanio

Publisher:
Yale University Press
DOI:10.12987/yale/9780300198782.003.0005

This chapter examines how voter ignorance influenced elections and monetary policy in the immediate postbellum period by focusing on Democrat George Pendleton's use of greenback inflation as a campaign issue in the Ohio gubernatorial election of 1867. Pendleton and fellow Democrat Clement Vallandigham, who opposed the greenbacks when they were initially introduced, took a leading role in demanding currency inflation. The Democratic Party's adoption of inflationary monetary policy forced the Republican Party to defend deflationary monetary policies and the gold standard. This chapter first considers Treasury Department Secretary Hugh McCulloch's decision to withdraw greenbacks from circulation following the end of the Civil War before discussing greenback inflation as a campaign strategy employed by Pendleton in his attempt to become the frontrunner for the Democratic presidential nomination of 1868. It also explores the ramifications of the Democrats' adoption of currency inflation for the development of bureaucratic authority in the Treasury Department.

Keywords:   voter ignorance, elections, monetary policy, George Pendleton, inflation, greenbacks, Democratic Party, Republican Party, Treasury Department, bureaucratic authority

Yale Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us.